Item 19 Financial Performance Representations in the time of COVID

You’ve probably heard the phrase, “COVID ruined everything” more than once in 2020.  And unfortunately, we’re here to tell you the same likely applies for Item 19 financial performance representations (FPRs). Any operating results presented in Item 19 must have a reasonable basis and cannot be misleading.  If COVID has caused (1) a drop in revenue, (2) temporary or permanent store closures or (3)…

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